"My" Money
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is the money that ive won in my account "mine"?
there is more parts to this but i need a basic yes or no or an explanation as to why it "technically" is or is not
The business presents a digital artifact with a claimed value, subject to terms and conditions. It is not your money until the business issues you currency a grocer will accept in exchange for food. The claimed value is dependent on the trustworthiness of the business.
Quote: heatmapthis is most likely a question that will go unanswered but - lets use pokerstars as an example
is the money that ive won in my account "mine"?
there is more parts to this but i need a basic yes or no or an explanation as to why it "technically" is or is not
No. You have a claim against pokerstars for payment of that amount of money. You don’t have a property right in that money. It’s pokerstars money.
Quote: heatmapthis is most likely a question that will go unanswered but - lets use pokerstars as an example
is the money that ive won in my account "mine"?
there is more parts to this but i need a basic yes or no or an explanation as to why it "technically" is or is not
Two good answers above mine. If the purpose of this question relates to your overall net worth in a divorce proceeding, damn tooting she will say it is your money.... until half is her money....
now
my next question
say i leave that money in my account and never withdraw it
will pokerstars in this example still have a win/loss statement at the end of the year? if its not exactly mine i never removed it - how is it a win if its technically not mine - and heres where this is going - do i have to pay taxes on it?
Quote: heatmapactually these are the exact answers i expected because i assumed it wasnt mine
now
my next question
say i leave that money in my account and never withdraw it
will pokerstars in this example still have a win/loss statement at the end of the year? if its not exactly mine i never removed it - how is it a win if its technically not mine - and heres where this is going - do i have to pay taxes on it?
I would argue that it is a unrealized gain until you collect it so it should not be taxable. Of course, If you sell a stock and don't withdraw the money you do still owe taxes on it.
If I win $5,000 in November playing BJ, but don't cash in the chips until my next trip n March, which year do I report the winning?
Quote: billryanI've asked a similar question.
If I win $5,000 in November playing BJ, but don't cash in the chips until my next trip n March, which year do I report the winning?
seems like a state of limbo
